The month. David is here with the reaction. It is not very good so far. Certainly, we are continuing to see the headwinds from wall street friday. The gdp number that came out for the fourth quarter, not exactly the most ideal. A drop of 5 to 2. 6 picked 2. 6 . That is what asia basically woke up to. Kicking off a new trading month, take a look at what is happening with the nikkei 225. I will get to why a lot of these stocks rising. We are down about 1 . Dollaryen at a threeweek low. The yen is stronger against its u. S. Counterpart, despite the fact we have the u. S. Dollar strengthening against most other currencies. Some safe haven plays. A lot of ecodata coming out. China adding to the woes pmi unexpectedly drop into 49. 8. We were expecting to see a slowdown. Data suggest that the first quarter, we will see a little bit of pain in china. South korea, we are flat right now. The trade surplus falling. We are looking at 7. 2 billion, still a hefty amount for the current account. Of course, we have inflation. This disinflation bug is expected to still reflect on those numbers. 3 for thailand. 7. 5 for indonesia. In australia, what we have . Up about 6 10 of one thing percent. We have the rba decision tomorrow. It is a fairly complex one to call. You still have a majority of economists saying they might hold, but if you look at the swaps, is showing a 50 cut in the rba. Youll get more from shery ahn and just a bit. Certainly, markets are pricing it in. You have yields falling. I will leave it there. Troubled chinese developer kairssa is back in headlines. The ceo has resigned to devote more time to his career developed. Kaira kaisa risks becoming the First Chinese company to default on a dollar bond. Rosalind chin is here. A Big Development over the course of the last week. The chief executive it effectively quit yesterday according to a filing. Hes actually the third senior manager at kaisa to quit. A former chairman left in december. Three top executives at the company having left. The chief executive had been with the company for about 11 years and he has been ceo since 2012. Lets go back little bit to take a look at why the company is seeing these top people leave. Basically, it missed an Interest Payment of 23 million back in january. Kaisa had been having a few problems. It had seen approval for some of its projects in shenzhen suspended. It was being investigated by the government. You mentioned shenzhen. The silver lining, if there is a silver lining, could be a white knight rescue bid. The government of shenzhen has been trying to find investors for kaisa in some time. A property company, a big one in china, has agreed to buy a 49. 3 stake in kaisa. It is a stake it is buying from the founding family. The chairman, as i mentioned earlier, quit in december. There is a 30day grace period that kaisa missed. There is some chance that this deal could help kaisa pay some of its missed Interest Payments. We will have to find out the details as it comes up. Trading was suspended on friday. You will see if it resumes today when the Hong Kong Market opens. Rosalind chin, thanks so much for the detailed update on that, kaisa very much under the spotlight. Another toplevel departure in china. We are going to be watching minsheng banking. That is after the president resigned amid reports he is under investigation by the authorities. Minsheng said he stepped down for personal reasons. Minsheng shares tumbling almost 8 last week alone. The Canadian Miner south gobi said it could be forced to bankruptcy after being found guilty of evading tax in mongolia. Some of gobi and three former employees were convicted on friday after a threeyear investigation. The three defendants were jailed for between five and six years, and the company was fined 18 million. South gobi is partly owned by rio tintos turquoise hill. It confirmed that it will appeal. Yesterday when journalist held in prison for a year in egypt has been released. Peter greste works for al jazeera television. He was arrested with two colleagues back in december of 2013. Greste and the others were accused of supporting the Muslim Brotherhood and reportedly damaging egypts image. There is no word as to the fate of the other two al jazeera broadcasters. Japanese prime insertions oh all day says he will never forget Islamic State for the killing of two japanese citizens. A video released over the weekend claims to show the body of the second hostage, journalist shinze goto. In a statement, abe said japan would work with other countries to make terrorists a tone for the killings. Yellow umbrellas were back on the streets of hong kong sunday. Dozens of protesters march in the first major protest since the end of occupy hong kong in december. Protesters are demanding that china rescinded plans to vet candidates for the citys top post. Asian has refused to make any concessions. 2015 is turning out to be a tough year for australian prime and asked abbott. Last week, he was ridiculed for giving the countrys top honor to the queens husband Prince Philip. Over the weekend, his party was trounced in the election in queensland. Paul allen joins us. Why is tony abbott being blamed for a state election result that was so bad . Well, he had made a fool of himself on Australia Day last week when he gave that knighthood to Prince Philip. There had been a series of other missteps leading up to that. He had become something of a toxic brand. He didnt appear once in queensland during the state elections for fear of poisoning the electorate but then we had the result itself which was really unprecedented. The labour party is back in power after three years and opposition. If you rewound three years, they were reduced to just seven seats in queensland. The smart money was that it was going to take at least a decade for them to rebuild into a viable force, and yet, here they are, back in power. It really is externally. The liberal coalition there is gone from power after a single term. To make it even worse, this is the second time it has happened in just three months. There was a similar result in the state of victoria last november when the liberal government there are lasted a single term. Obviously, federal mps are scratching the heads and wondering, if it happened at a state level, it could probably happen at the federal level too. Tony abbott has been identified as a problem. You mentioned the word problem. How big of a problem are the recent polls for mr. Abbott . There has been a slew of them. Knightmare. We will look at the latest fairfax caps on spool Fairfax Ipsos poll, the coalition down to 46 . That would mean tony abbotts party would lose 40 seats if the election were held today. If we looked at labor leader bill shorten, now comfortably at 50 tony abbott at 34 , and a out of 10 of those polled dont think tony abbott is going to be the Prime Minister after the next election. He does have an opportunity to turn this around. In a little under 30 minutes, hes going to give an address to the National Press club. Its an address that many commentators think is going to be something of a defining moment for tony abbott in 2015. He really has to seize the initiative and turn things around quickly, or his job could be at stake. Paul allen joining us from sydney on that not so good reflection on tony abbotts popularity in australia. 12 countries have eased rates since the beginning of this year alone. By the end of the day tomorrow there could be two more. Sherry and takes a look at the spreading disinflation bug. Analysts expect australia to cut their rate by. 2 to 2. 25 . In more than 50 chance that that could be happening. They paused any Interest Rate moves for the past 17 months, but now they are saying, ok that could happen. If it doesnt happen tomorrow or is an 88 chance according to analysts that it will happen in march. With expectations growing, yields are falling. The three year bond yield fell six basis points to touch a new record of 1. 885 . It is not the only one. That could be the 13th. There could be a 14th. The r. B. I. India. Analysts are expecting them to cut the repurchase rate. We have a surprise move on january 15 where they cut the rate to 7. 75 . The forecaster for this, that institute has been ranked number one by bloomberg for predicting the r. B. I. s rate actions in the last two years. They are saying with oil sliding and inflation below the Central Banks target it has been below 6 for the last three months they will cut again. Still, we have to wait and see. The top predictor for bloomberg, but 27 other analysts out of 35 saying there will be no move tomorrow. We will just have to wait and see. We will see. Sherry and on what could be shery ahn on what could be the 14th centralbank easing. Indian futures have just arbitrating. Started trading. Weve got markets across asia declining. You would think that india is fallen, which it is. Look forward to that when it opens. Ahead of the r. B. I. Meeting, a bit of nerves perhaps. February, not a great start for india. Greece going cold turkey on aid but the new antiausterity government doesnt want a lifeline from the ecb. We will look at this closer after the break. Welcome back. Greece is going cold turkey on aid, but the new antiausterity government is counting on a lifeline from the ecb. The finance minister has set an end of may deadline for a revamped international bailout that does not require greece to tighten its belt any further. Eurozone members have indicated that they would be willing to offer athens a longer Debt Repayment period but they have rejected any writedown on the debt relief. Joining us from singapore is steve davis. Many thanks for joining us. This is an interesting impasse. I want to ask you about the asian fallout, if you like. Clearly, greece wants this right off of debt. Angela merkel, very clear, there will be no debt relief. How worrying is this for your investors, for your trades . Clearly, the new greek government has what it believes to be a strong popular mandate, but you have that in the form of an and movable object meeting the steamroller in the form of the germans and the rest of the eu. It will be interesting to see who wins. Clearly, the rest of the eu is in not much of a mood for compromise, and it is difficult to see how the greeks will be able to achieve their objective while at the same time scoring it away with those remaining in the eu and remaining in the euro. It is mutually incompatible. I have a strong guess the germans will win this, because they have a strong case. If, as you say, the greeks lose out, lets say, worstcase scenario, goodbye, euro, goodbye, eu. This is a disastrous outcome for spain and portugal. It certainly would be extremely negative. It is true that perhaps the negative effect of a greek departure from the eurozone and the eu is perhaps a little bit more contained than it would have been a couple of years ago, but nonetheless, with antiausterity parties in spain in particular making a lot of running over the last couple of weeks on the back of the greek oppositions win, it would be treated as pretty negative. That creates more uncertainty for the eurozone at a time when they really cant use it. Although quantitative easing might have limited effects in real terms, there is no doubting that markets love it. We are putting a bandaid over a deep scar. It cant go on forever. What your clients and investors what are your clients and investors takes one it . European markets are up in terms of euro terms, but if you are a dollarbased investor, it is flat for the first month of the year. I think that is going to continue. We will see much as weve seen in japan over the last 12 months, that there is an inverse trade between the market and the currency. The currency falls, the market goes up. If you can hedge off the currency risk, that is positive from a portfolio perspective, but you definitely need to be able to do that since further weakness appears inevitable. You mention all of this, but what is the best way of investing . Our clients calling up and saying, steve, im nervous right now, or are they quite sanguine about it . What is the sort of thought . I think most people remain nervous but singling, sanguine, and it is much of the same as we saw in early 2015 when we had a bad january, matched by a relatively robust performance the rest of the year. When it comes down to it, with Interest Rates likely to remain low i think the jury is still very much out as to whether the United States will indeed increase Interest Rates this year. If they dont, then clearly youve got that relative opportunity cost rate which is if im not in equity, what else am i going to put my money into . The options for that are unfortunately very slim. Equities remain really the only game in town probably by default. A final question very quickly is it hard to make money right now . [laughter] yes, it is. Things were ok through the course of 2014, but with so much volatility, it is very difficult to take a longerterm strategic view on markets. That therefore means that you are very much subject to shortterm winds, which makes things extreme the uncomfortable. If you cant accept that volatility, it is probably best to invest in cash and look for opportunities later in the year. Many thanks for your time steve davies. A very candid response again. Breaking news come if i can for mark says they are plunging. Trading is now at a record low. A significant decline, 79 on that fairly unpleasant corporate story, bankruptcy looming. Up next, the u. S. Oil industry sees its biggest strike in decades. That is after the break. A look at the likely impact. This is on the move. It is monday morning. Back in a moment. The u. S. Oil industry is threatened by industrial action. Refinery workers have lunch the biggest strike in 35 years. The United Steelworkers Union represents employees at more than 200 refineries and plants. Workers and none of them walked off after a contract expired sunday. A full strike could hurt more than two thirds of Oil Production in the u. S. The economy is set to be the key focus of wall street this week. Su keenan has more on what investors in the u. S. Are watching out for in the days ahead. One of the Big Questions in the week ahead on wall street where do we go from here . January turned out to be one of the worst months for the s p 500 in a year. It stumbled out of the gates in january, which now goes down in the books as again a bad performing month, down some 3 . One strategist investors are pretty much nervous. Strong u. S. Economicals, but there is concern about the next picture we are getting for global growth. In the coming week in washington, we will see u. S. President barack obama send his fiscal 2016 budget to congress. On wall street, we will get the latest raft of economic data. The big focus continues to be on whether the economy is improving here. Economists surveyed by bloomberg say that Employment Data will show a boost in the number of workers added to payrolls in january, and u. S. Manufacturing will be seen as further moderating in january, while the u. S. Services industry likely expanded at a faster pace. On the earnings front, about 78 of the s p 500 Companies Reporting so far have beaten analysts estimates. In terms of some of the biggest names, weve got x on moral general motors, sony, and twitter all set to report. In new york, su keenan. The latest from the super bowl. It is all square at halftime in glendale, arizona. Two touchdowns apiece in the second quarter. New england, 14. The seattle seahawks, 14. Still to come, we are going to check in on china. More after the break. Depressing reading. Data from the u. S. And china in flame economic concerns. Markets are falling. Poised to fall. Chinas Banking Industry hit by the latest government investigation. Friends again. Why beijing did not really mean what it said about alibaba. As trading gets underway this morning in china, there is one story that may cause a flutter in stocks, the president of banking china giant minsheng resigns. A bit of a shock the youngest president , and now . The executives name is mao chow fun, and he has resigned according to a report. This comes amid speculation that there may be speculation involved corruption involved. A highly respected magazine in beijing reporting that the Disciplinary Committee of the communist party, the Central Commission for discipline inspection removed him as party secretary, as well as the banking regulator, and said he was taken away by the Discipline Inspection Committee of the communist party. If you believe that report, this suggests there may have been activity that ran against the regulations of at least the party. It is unclear at this stage whether there was any untoward activity that involves the bank. In fact, the bank out with a statement saying that the conduct or activity had nothing to do with the banks operations. They said maos situation had nothing to do with operations. In terms of the Market Impact we expect some impact on financial shares. This is tied to the president s ties with the son of it goes deep, doesnt it . It does. This is part of an ongoing corruption crackdown. No one is saying there was corruption committed at this stage. The fact that a major banking executive in china is stepping down from a key post at one of the most respected banks leaves investors curious. Perhaps something wider on this. We will be watching it very closely. It is unclear whether there is anything related to the bank or its operations. We will follow this story. Thanks for that. As for the reaction david has it. Minsheng very much on the radar. Very much on the move down. A share, we are down about 9 . We are paring back little bit of that, it certainly one of the first days in four years for the stock. The nearest comparable session would be in october of 2011 when the stock fell 10. 5 . These are the a shares. Down about 5 . Just to show you perhaps if there is any related Movement Across other banking shares, yeah down to bring percent. 2 . Citic bank, down 1 . Moving